Due to the horrible financial mess our bankers, politicians, and economists have led us into, many individuals have taken some serious bumps to their credit scores. These folks are potential borrowers and non-traditional or non-bank lenders have recognized the market and are eager to fill it.
The non-traditional loan industry is flourishing and competition is fierce among the lenders. Especially for those offering legitimate unsecured personal loans on the internet. If you are a poor credit borrower, here are five steps to help in securing your loan on the internet.
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ONE: Use the Key Phrase Unsecured Personal Loans
Punch the phrase unsecured personal loans into your favorite browser such as Google, Yahoo, or Bing. This will open page upon page of potential lenders and give you access to blogs and forums which will come in handy later when you start comparing lenders and finding out how they treat their customers.
TWO: Start Your Research
Take your time visiting those websites, blogs, and forums. Start making lists of lenders you think might be able to offer a loan that fits your financial circumstances. Collect the names of 5-10 potential lenders. You will be astounded by the number of banner ads and link ads and other advertisements for lenders. Click on them to find lenders and information on their interest rates and repayment terms.
Once you have a list of lenders, do more research. Check the forums and blogs where you may glean advice regarding those who have dealt with the lenders in the past. Their online testimonials can mean a lot when you are trying to find a lender with whom you are comfortable and can meet your financial needs in a reasonable way.
THREE: Check the Lenders
No matter how well-established a lender seems to be, or how flashy or professional the website, check the credentials of each potential lender. Though the market is pretty well regulated, unscrupulous individuals are out there. A website can disappear in a minute along with all your crucial financial information. One excellent resource is the Better Business Bureau (BBB). The BBB has a website. Check the listings, ratings, and customer feedback to determine if a lender is right for you. This service is free, by the way.
FOUR: Be Prepared
Once you have found a worthy lender, be prepared to be quite frank with them regarding your financial situation. Also, have the necessary documents you will need to apply for the loan. Online or internet applications are usually very easy to complete and important documents can be faxed or scanned to the lender. The whole process can take place without leaving your home or your office. Though requirements may vary from lender to lender, here is the standard documentation you will need:
Government issued photo identification (2). Drivers license, state i.d., military i.d., passport, etc.
Proof of residence. Utility bill with the same address as your i.d.
Proof of employment. Pay stubs or bank statements. On the job 6 months at a minimum, usually.
Bank account. Lenders want to see a bank account as proof of stability and financial ability. They also like the convenience of direct depositing your loan check.
FIVE: Have a Plan
If you have landed a legitimate unsecured personal loan, you better have a plan. You should have the payments fixed into your monthly household budget. You should be sure the loan is such that paying it back on agreeable terms is no real strain on your budget. Know exactly how you are going to spend the cash - do not just fritter it away.
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